Mark Cuban’s Black Amex card was declined trying to buy a $140,000 bottle of champagne after his NBA team won the championship

Mark Cuban once gave some memorable financial advice: “Don’t use credit cards. If you use a credit card, you don’t want to be rich.”

He often shares this mantra on his blog and during interviews with financial gurus like Dave Ramsey. It reflects his belief in living within one’s means, a solid principle for anyone seeking to build wealth.

Ironically, Cuban was in a predicament involving a credit card while celebrating his team’s 2011 NBA championship victory.

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From selling garbage bags door-to-door as a child to building a tech empire, Cuban has become a household name through his hard work and smart investments. His big break came in the 1990s with the sale of Broadcast.com to Yahoo for $5.7 billion, followed by the purchase of the Mavericks for $285 million in 2000. Under his leadership, the team went from perennial underachievers to champions NBA, capturing their first. title in 2011.

After winning the championship, Cuban and his team headed to LIV nightclub in Miami to celebrate in style. He treated himself to an extravagant 15-liter bottle of Armand de Brignac champagne, often called “Ace of Spades.” Priced at $140,000 (or $90,000 according to some sources), it was the perfect way to commemorate the moment. Cuban confidently reached for his American Express Centurion Card – a credit card exclusively for high net worth individuals.

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To his surprise, the transaction was declined. Cuban recounted the experience during a 2018 interview on Fox Sports 1’s “Fair Game,” revealing how he had to call American Express in the back office. “I’m on the phone with them and they say, ‘Uh, sir, this has not been authorized.’ It’s a new card,” he said, laughing at the absurdity of the situation. “I asked to speak to a supervisor. I said, “Did you see the NBA game tonight? Are you a basketball fan?”

His humorous approach shone through as he navigated through layers of customer service, eventually reaching someone who understood the context of his extravagant request. “This is Mark Cuban. I just won the championship. Can I spend some money, please?” he joked.

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David Grutman, owner of LIV, chimed in, recalling the chaotic scene: “I was in the back because my credit card was declined.”

Cuban often points out that learning to avoid credit cards was one of his hardest financial lessons, but admits they can be okay — if used responsibly.

In a 2017 Money.com interview, he noted, “Over time, what I’ve learned is that using a credit card is fine if you pay it off at the end of the month.” He added, “Just recognize that the 18% or 20% or 30% you’re paying on credit card debt is going to cost you a lot more than you could earn anywhere else.” While Cuban is not a fan of credit cards, he knows the right way to handle them when necessary.

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Cuban’s business continued to evolve in the years following the championship. In late 2023, he sold his majority stake in the Mavericks for $3.5 billion, but retained a minority stake and control of basketball operations.

Even billionaires occasionally break out the plastic for a holiday, but Cuban’s message is simple: If you use credit cards, pay them off quickly to avoid interest. While most people won’t shell out $140,000 for bottles of champagne, his Amex Black Card mishap proves that financial wisdom and indulgence can coexist, even for the ultra-rich.

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This article Mark Cuban’s Black Amex card was declined trying to buy a $140,000 bottle of champagne after his NBA team won the championship originally appeared on Benzinga.com

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